ALBANY, New York, January 25, 2018 /PRNewswire/ --
Global Inflammatory Bowel Disease Treatment Market: Investment in R&D and Impending Approvals to Give Market Push in Coming Years
Competition is expected to remain high from 2017 to 2025 in the global inflammatory bowel disease (IBD) treatment market. During this time, the market will witness a slew of launches as manufacturers invest in the development of novel therapeutics. According to a new study by Transparency Market Research (TMR), a paradigm shift toward biosimilar and biologic drugs is expected, which will offer a fresh burst of opportunities to the global inflammatory bowel disease treatment market.
TMR pegged the global inflammatory bowel disease treatment market at US$10.52 bn in 2016. Rising at a steady 2.6% CAGR between 2017 and 2025, the market is likely to value US$14.83 bn by the end of 2025. In 2016, North America led the global IBD market, which is attributable to the rising incidence of the disease witnessed among men and women alike in the region. As per the report, the incidence of Ulcerative colitis and Crohn's disease is high in US and Canada, which fuels the demand for IBD treatment in North America. Also, based on drug class, the market was dominated by TNF inhibitors in 2016. Adalimumab, Vedolizumab, and Infliximab are the most commonly used TNF inhibitors, finds TMR.
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Rising Incidence of IBDs to Push Demand for Effective Treatments
According to the Center for Disease Control and Prevention (CDC), nearly 3.1 million people in the US (which is around 1.3% of the country's entire population) were either diagnosed with Ulcerative Colitis or Crohn's Disease. Also it is estimated that nearly 70,000 new cases of IBD are reported in the US every year. Given the scenario the hospitalization rate has surged in America, in turn creating growth prospects for the inflammatory bowel disease treatment market. Besides this, the recent product approvals by the European Medicines Agency and other similar organization has enabled the market gain significant momentum.
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Rising Availability of Biosimilar Versions Threatens Leading Drug Producers
Growth rate is likely to remain steady for the global inflammatory bowel disease treatment market in the coming years, driven by product development and approvals, rising incidence of IBD worldwide, and arrival of novel medications. On the flip side, the high availability of biosimilar copies of popular drugs may create hindrances for established market players. For instance, a few studies conducted in 2017 have suggested that biosimilar copies of AbbVie's Humira are speeding toward the market. Similarly a version of Johnson & Johnson's Remicade is already available in the market. "Studies reveal that while biosims may become a rather important option for the treatment of first-line biological patients, soon they may require further treatment, which will create lucrative prospects for therapeutics based on novel mechanism," said a lead TMR analyst.
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The market players are also likely to benefit from approval of novel drugs and treatment methods. With biopharmaceutical companies injecting more money in research and development activities, more number of products are likely in different stages of clinical approvals. Through the course of the aforementioned forecast period, these medicines are likely to get commercialized, thereby giving impetus to the respective companies. In the study, TMR has highlighted companies including Shire Plc., Valeant Pharmaceuticals International, Inc., Allergan plc, Pfizer, Inc., Janssen Biotech, Inc. (Johnson & Johnson), Takeda Pharmaceutical Company Limited., AbbVie, Inc., Novartis AG, UCB Inc., and Biogen Inc.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research